Disclosure of SBN in company balance sheet and auditors report made compulsory

Disclosure of SBN in company balance sheet and auditors report made compulsory

disclosure of SBN in company balance sheet

Company to disclose details of SBN in balancesheet held and transacted during demonetisation period from 08-11-2016 to 30-12-2016 

MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION

New Delhi, the 30th March, 2017

G.S.R. 308(E).—In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following further amendments to Schedule III of the said Act with effect from the date of publication of this notification in the Official Gazette, namely:-

2. In the Companies Act, 2013 (hereinafter referred to as the principal Act), in Schedule III, in Division I, in Part I under the heading “General instructions for preparation of Balance Sheet” in paragraph 6, after clause ‘W’, the following clause shall be inserted namely:-

X. Every company shall disclose the details of Specified Bank Notes (SBN) held and transacted during the period from 8th November, 2016 to 30th December, 2016 as provided in the Table below:-

  SBNs Other denomination notes Total
Closing cash in hand as on 08.11.2016      
(+) Permitted receipts      
(-) Permitted payments      
(-) Amount deposited in Banks      
Closing cash in hand as on 30.12.2016      

Explanation : For the purposes of this clause, the term ‘Specified Bank Notes’ shall have the same meaning provided in the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E), dated the 8th November, 2016.”.

3. In the principal Act, in Schedule III, in Division II, in Part I under the heading “General instructions for preparation of Balance Sheet” in paragraph 6, after clause ‘J’, the following clause shall be inserted namely:-

K. Every company shall disclose the details of Specified Bank Notes (SBN) held and transacted during the period 08/11/2016 to 30/12/2016 as provided in the Table below:-

  SBNs Other denomination notes Total
Closing cash in hand as on 08.11.2016      
(+) Permitted receipts      
(-) Permitted payments      
(-) Amount deposited in Banks      
Closing cash in hand as on 30.12.2016      

Explanation : For the purposes of this clause, the term ‘Specified Bank Notes’ shall have the same meaning provided in the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E), dated the 8th November, 2016.”.

[F. No. 17/62/2015-CL-V (Vol.I)]
AMARDEEP S. BHATIA,
Jt. Secy.

Note : Schedule III of the Companies Act, 2013 came into force with effect from the 1st April, 2014 vide Notification S.O. 902(E), dated 26.3.2014, subsequently amended vide G.S.R. 679(E), dated 04.09.2015 and vide G.S.R. 404(E), dated 06.04.2016.

Auditors to report on company disclosure of SBN during demonetisation period from 08-11-2016 to 30-12-2016

MINISTRY OF CORPORATE AFFAIRS

NOTIFICATION

New Delhi, the 30th March, 2017

G.S.R. 307(E).—In exercise of powers conferred by section 143 read with sub-sections (1) and (2) of section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Audit and Auditors) Rules, 2014, namely:—

1. (1) These rules may be called the Companies (Audit and Auditors) Amendment Rules, 2017.
   (2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Companies (Audit and Auditors) Rules, 2014, in rule 11, after clause (c), the following clause shall be inserted, namely:—

“(d) whether the company had provided requisite disclosures in its financial statements as to holdings as well as dealings in Specified Bank Notes during the period from 8th November, 2016 to 30th December, 2016 and if so, whether these are in accordance with the books of accounts maintained by the company.”.

[F. No. 1/33/2013-CL-V-(Vol.I)]
AMARDEEP SINGH BHATIA,
Jt. Secy.

Note : The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 246(E), dated the 31st March, 2014, subsequently amended vide G.S.R. 722(E), dated the 14th October, 2014 and vide G.S.R. 972(E), dated the 14th December, 2015

Download MCA Notifications on SBN Disclosure Click Here >>

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4 Comments

  1. CA Himanshu March 31, 2017
  2. Geeta March 31, 2017
    • administrator March 31, 2017
  3. dinesh September 28, 2017

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